May

Notes from Day 1 of the May IASB-FASB special meeting

11 May 2011

The IASB is holding a special meeting in London on 11-12 May 2011, which is a joint meeting with the FASB.

We've posted Deloitte observer notes from one session from the first day of the meeting (click through for direct access to the notes):

Tuesday, 11 May 2011

Notes from the other session on insurance contracts will be posted soon.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

Deloitte publications update

09 May 2011

A number of new Deloitte publications are now available.

Global publications

Deloitte (Australia)

  • Model financial statements – illustrative best practice disclosures for general purpose financial statements prepared under Australian Accounting Standards (equivalents to IFRSs), incorporating recent changes in pronouncements and illustrating compliance with Australian regulatory requirements
  • Monthly roundup (April 2011) – a summary of financial reporting developments during April 2011, including discussion of June 2011 financial reporting resources, the IASB-FASB convergence report and an upcoming IFRS webcast

Deloitte (Germany)

Deloitte (Japan)

Deloitte (United States)

 

Pan-African Federation of Accountants created

09 May 2011

The Pan-African Federation of Accountants (PAFA) / Fédération Panafricaine des Experts-Comptables (FEPEC) was launched at an event held in Dakar, Senegal, on May 5, 2011.

The event was hosted by Ordre National des Experts Comptables et Comptables Agrées du Sénégal (ONECCA) with the support of the International Federation of Accountants (IFAC) and the World Bank.

PAFA is composed of 37 professional accountancy organisations from 35 countries, which have joined together to give voice to Africa's economies and strategy on the global stage. Major General Sebastian Owuama, Institute of Chartered Accountants of Nigeria, was named PAFA President. Dr. Mussa J. Assad, National Board of Accountants and Auditors, Tanzania, was named vice president and the PAFA Secretariat will be hosted by the South African Institute of Chartered Accountants in Johannesburg.

More information about PAFA can be accessed at pafa2011.onecca.org. IFAC has also issued a press release (link to IFAC website).

Agenda for the regular May IASB meeting

07 May 2011

The IASB's regular monthly meeting is scheduled for 17-20 May 2011 in London, much of it a joint meeting with the FASB.

You can access the agenda on our May 2011 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

Notes from May IFRS Interpretations Committee meeting

06 May 2011

The IFRS Interpretations Committee met in London on 5-6 May 2011. We have posted Deloitte observer notes from the topics discussed at the meeting, as follows (click through for direct access to the notes for that particular topic):

Thursday 5 May 2011

Friday 6 May 2011

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

GRI starts work on updated sustainability reporting guidelines, issues new proposed sector supplements

06 May 2011

The Global Reporting Initiative (GRI) has recently announced a number of new developments.

The Global Reporting Initiative (GRI) publishes a 'Sustainability Reporting Framework', widely used by entities in reporting on their sustainability performance. The Framework includes Sustainability Reporting Guidelines (currently in their third version, or "G3 Guidelines") which entities can follow in preparing sustainability reports.

The GRI has recently announced:

  • Commencement of the process of developing the fourth generation of the Sustainability Reporting Guidelines ("G4"). The GRI is seeking comments on GRI's current guidance and suggestions for new topics for G4, and hopes to publish a draft of the guidelines in August 2011. Click for announcement (link to GRI website)
  • A second draft of the 'Media Sector Supplement', a tailored version of the G3 Guidelines for the media sector. Feedback on the second draft closes on 4 August 2011. Click for announcement (link to GRI website)
  • The final public comment period for the 'Oil and Gas Sector Supplement', a tailored version of the G3 Guidelines for the sector. Feedback closes on 420 July 2011. Click for announcement (link to GRI website).

 

The darkening glass – Study on translation questions and IFRSs

05 May 2011

The Institute of Chartered Accountants of Scotland (ICAS) has posted to its website a study on translation issues in connection with IFRSs. The authors explore the question whether a truly global accounting system is possible considering the fact that translations into different languages and ways of thinking are necessary to achieve this.

The study revealed the following results:

  • Translation is not impossible. The impact of translation problems can be reduced with the help of translation strategies and solutions.
  • Exact equivalence is impossible. Especially when concepts have to be translated that are not part of an (accounting) culture the results will seldom be meaningful.
  • Some translation problems are caused by different language structures.
  • Different language families will have different translation problems.
  • Official translations (e.g. by the European Commission) can vary from official translations by the IFRS Foundation.
  • Some translation strategies (e.g. omitting or adding words for clarification) might give rise to concerns by standard setters or regulators.

The authors of the study arrive at the following conclusions:

  • Standard setters must be aware of translation difficulties and should consider them if possible when drafting standards.
  • Translating principles might be more difficult than translating rules.
  • Everybody must be aware of the limits of translation.
  • Some slight differences between original text and translation will always remain.
  • Translators must not only have an excellent knowledge of source language and target language, but also of source accounting culture and target accounting culture.
  • Accounting educators must be aware of the difficulties of understanding translated concepts.

Please click for the full text of the study on the ICAS website.

Notes from the special 4 May IASB-FASB meeting

05 May 2011

The IASB and FASB held a meeting in London on 4 May 2011. We've posted Deloitte observer notes from the meeting (click through for direct access to the notes for each topic):

The IASB and FASB held a meeting in London on 4 May 2011. We've posted Deloitte observer notes from the meeting (click through for direct access to the notes for each topic):

Wednesday, 4 May 2011

  • Insurance Contracts
    • Background material on unbundling
    • Unbundling goods and services
    • Unbundling investment components

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

Agenda for May IASB-FASB special meeting on 11-12 May 2011

05 May 2011

The IASB and FASB are holding a special joint meeting in London on 11-12 May 2011.

You can access the agenda on our May 2011 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

European event on considering the effects of accounting standards – programme available

05 May 2011

As reported earlier, the European Financial Reporting Advisory Group (EFRAG) and the UK Accounting Standards Board (ASB), along with the European Commission (EC), are hosting an event on 16 May in Brussels as a follow up to their Discussion Paper Considering the Effects of Accounting Standards published in January 2011. The programme for this event is now available.

Please click for the announcement on the EFRAG's website. Registration as a participant is still possible (until 9 May).

 

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